The current COVID-19 crisis has created a lot of challenges to businesses all over the world. Regardless of the market or sector, you are in, it’s highly likely you have had to diversify your products or services.
Many companies have focussed on their digital strategies and boosting their online business. This has been challenging even for online companies. However, they were one step ahead of the game.
Restaurants used innovative ideas to keep a turnover while they have been asked to close. This includes taking advantage of their relationship with suppliers and access to the products we need. We’ve seen innovative thinkers take their restaurants online and offer food boxes, with all the ingredients you need to create their delicious dishes at home.
Highstreet clothing brands have increased their online services, and many large brands are now considering a complete switch to digital sales. Sports companies have seen a considerable rise in online sales, specifically bicycle shops. They have created workable solutions to ensure customers still have a personal service when shopping online.
This sudden need to move your business online could open the door to increased turnover and more profits when we reach the other side of this crisis. There are considerable cost savings available to online businesses. Without having the overheads of an office or a shop, you will see a reduction in staffing costs, rents and annual business rates. Commercial property like a retail unit for consumers to visit, costs more to run than a warehouse for storage. You may also find lower rates for your insurance if you need less staff.
While it’s essential to have a strong eCommerce website, there is a range of specialist companies that can offer a complete package, including management of your system. Regardless of the size of your business, this makes for an effortless transition.
Change can sometimes be for the better!
Diversifying in a time of crisis is the key to success and longevity. If you are unsure of the future for high street businesses, the digital era will help you deliver a simple, more efficient approach to the consumer. Experts believe we are heading into a recession which is going to lead to even more hurdles for businesses to traverse. Lowering the company outgoings is definitely a wise move and adapting to the consumer’s demands and needs will keep you a step ahead of your competition.
We cannot be sure how long the economy will be unstable, and we don’t know when the end of this pandemic will come. Reworking your business plan to remodel your business and take it online, could be the safest way of securing the future of your company. Research the market and see what your competitors are doing then start investing in the long-term future of your company. You may find that the benefits discovered during a crisis, become the cornerstone of your business. Delivering a better profit when the world starts to recover from the problem we are facing.
To find out more about how working with a Virtual Assistant as opposed to hiring a member of staff can benefit you and your business, head over to my FAQs for my most commonly asked questions.